Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Merrimack County approves RFP for up to $25 million Tax Anticipation Note
Summary
Finance Director Aaron Turner asked the Board to authorize a public RFP for a Tax Anticipation Note (TAN) of up to $25 million to address near‑term cash flow; the Board approved the RFP and borrowing authorization 3–0.
Finance Director Aaron Turner asked the Merrimack County Board of Commissioners on July 13 to authorize a public Request for Proposals for a Tax Anticipation Note (TAN) to meet near‑term cash needs. Turner said the County completed a $25 million TAN in March and retains $35 million of previously authorized borrowing capacity; based on current cash‑flow projections he recommended issuing a second TAN of $20 million in late August while authorizing borrowing up to $25 million.
Commissioner Lovlien moved to approve conducting a second public TAN RFP and to authorize borrowing up to $25 million; Commissioner Shurtleff seconded and the motion carried 3–0. The finance presentation emphasized timing to preserve operating cash flow rather than a fixed issuance amount; staff will return with RFP results and recommended terms.
